PM's Economic Advisory Council holds first meeting, members in consensus on reasons for slowdown

Members of the Prime Minister's newly-constituted Economic Advisory Council at their first meeting on Wednesday have reached a consensus on the reasons for the economic slowdown and have decided on 10 areas to work on, chairman Bibek Debroy said at a press briefing.

At the meeting held at the NITI Aayog, it was also decided to work on the monetary policy and fiscal framework in consultation with the Reserve Bank of India.

Representational image. Reuters

Debroy said the council will have informal meetings and next meeting is slated for November.

On Tuesday, the government has said in a statement that the council members will address "all issues of emergent importance and will engage with a broad spectrum of stakeholders".

In the run-up to the meeting, the council chaired by NITI Aayog Member Bibek Debroy had held a brainstorming session with several stakeholders on Monday.

The Council comprising of reputed economists and experts "is mandated to analyze all critical economic and other issues referred to it by the Prime Minister and advising him thereon".

"It is also required to address issues of macro-economic importance and presenting views thereon," the statement had added.